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Home / Analytics / Forex analysis & forecasts / Forex Wave analysis and forecast / Wave analysis EUR/USD, GBP/USD, USD/JPY and AUD/USD on 24.02.2016
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Wave analysis EUR/USD, GBP/USD, USD/JPY and AUD/USD on 24.02.2016

24.02.2016
EUR/USD currency pair

Waves analysis of EUR/USD on 24 February 2016

The formation of wave (iii) continues on the four-hour euro dollar chart. Earlier, a Diagonal Triangle has formed in wave (v) of [c]. In the short term, a further decline of the currency pair and the breakdown of the local minimum is possible.



Waves analysis of EUR/USD on 24 February 2016

As can be seen from the hourly chart, as part of wave (iii) the horizontal triangle in the fourth wave is ending. A few days earlier a bearish wedge was formed in wave i. It is likely that during the day we will see a further decline in prices.


 
GBP/USD currency pair

Waves analysis of GBP/USD on 24 February 2016

The bearish rally continues for the pound, the price has already broken through the minimum of the previously formed wave [iii]. During Wednesday a further decline in the currency pair as part of the wave iii of (iii) is likely. Subsequently, the beginning of a correction is likely.



Waves analysis of GBP/USD on 24 February 2016

A more detailed layout is shown on the hourly chart. It is very likely that within athe bearish wave iii the price declines in the third wave. During the day, the end and the beginning of the local correction - wave [4] of iii is possible.



USD/JPY currency pair

Waves analysis of USD/JPY on 24 February 2016

The formation of wave Y of (4), which took the form of a zigzag, probably completed. Subsequently, a bullish momentum in the wave (i) has formed. It is very likely that soon after the end of the correction, it will be followed by continued growth in the wave (iii).



Waves analysis of USD/JPY on 24 February 2016

After the termination of the momentum in the wave (i) a downward correction began. Probably wave (ii) is ending, which included the Diagonal Triangle in wave c. In the short term, the resumption of growth is likely.



AUD/USD currency pair

Waves analysis of AUD/USD on 24 February 2016

Presumably, the formation of a wave [ii] is finally completed, resulting in the form of a Double Zigzag. Most likely, a downward price movement within wave [iii] as part of a Diagonal Triangle will be renewed.



Waves analysis of AUD/USD on 24 February 2016

On the hourly chart, the internal structure of the zigzag wave (y) of [ii] is more visible, in which yesterday the momentum in the wave c was completed. Apparently, now the price decreases in the wave i or a, and during the day the market may well move even lower.

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Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.